expect update this week comming, page-19

Harrywyborn,

Sorry but I beg to differ.

Working on your numbers RP @ $225/tonne and Producing 1mtpa OPEX $100m and CAPEX $100m with a PE of approx 9.5( I will change that to a P/E of 10)

CAPEX could very easilly be debt funded therefore minimal dilution is necessary.

1 million/t produced in the first year @ $225/t RP - 100 million for OPEX = $125 million EBITDA -30% tax = $87.5 million profit.

$87.5 million profit x P/E of 10 = a market cap of $875 Million = $7.88 per share.

Now please keep in mind that CAPEX is only supposed to be around 30 million which is no where in near your 100 million estimation.

Even if we add another 16.5 million shares at $3 to raise 50 million for CAPEX that would still equate to $6.86 per share so your figures aren't really that close to the mark.

Todays share price is the equivalent of EBITDA of $21861450 (21.8 mill) -30% tax = $16816500 (16.8 mill)

So in effect todays price is the equivalent of producing 1 mill/t RP @ $121.86/t

Severely undervalued at the moment.

Champ